The in vitro diagnostics market are the geriatric population and the subsequent growth in the prevalence of chronic and infectious diseases, increasing adoption of fully automated instruments and automation in laboratories. In addition, increasing adoption of point-of-care testing, and growing awareness on personalized medicine is expected to drive the growth of the in vitro diagnostics market during the forecast period.
MarketsandMarkets forecasts the global in vitro diagnostics market to grow from USD 87.93 billion in 2018 to USD 68.12 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period.
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Product and services, reagents & kits segment is expected to grow at the highest growth rate during the forecast period.
Among the product and service, segment, the reagents & kits segment is expected to grow at the highest CAGR during the forecast period. The factors attributing to the high growth of this segment include the increased accessibility and demand for reagents and the rising number of IVD tests conducted across the globe.
Infectious diseases segment is expected to account for the largest share of the in vitro diagnostics market.
On the basis application, the in vitro diagnostics market is segmented into diabetes, infectious diseases, oncology, cardiology, nephrology, autoimmune diseases, drug testing/pharmacogenomics, HIV/AIDS, and other applications. The infectious diseases segment is expected to account for the largest share of the in vitro diagnostics market during the forecast period. The large share of this segment can be attributed to the rising prevalence of infectious diseases as well as multi-drug-resistant infectious diseases across the globe and the growing need for effective diagnostic tools for these diseases.
Molecular diagnostics segment is expected to record the highest CAGR during the forecast period.
The molecular diagnostics segment is expected to witness a faster growth rate in this market due to factors such as, the rising prevalence of infectious diseases, cancer, and various genetic disorders; growing demand for blood screening; and increasing application of molecular diagnostic technologies in pharmacogenetics and point-of-care testing.
North America to account for the largest market size during the forecast period.
North America is expected to hold the largest market size in the global in vitro diagnostics market during the forecast period, followed by the European region. Availability of government funds, growing use of molecular diagnostics in genetic disorders and cancer screening, and the presence of key players in the region are responsible for the large share of the North American in vitro diagnostics market.
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Roche Diagnostics Limited (Switzerland), Siemens Healthineers (Germany), Danaher Corporation (US), Abbott Laboratories (US), Thermo Fisher Scientific (US), Johnson & Johnson (US), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Sysmex Corporation (Japan), bioMrieux (France), Diasorin (Italy), Ortho-Clinical Diagnostics (US), and Qiagen (Germany).